The U.S. treasury will receive about $312.2 million from its sale of 465.1 million warrants to purchase common shares of Citigroup, The Wall Street Journal reports. The taxpayers will get $12.3 billion profit on the $45 billion investment by the government in the bank during 2008.
The warrants have an expiration date from Oct. 28, 2018 to Jan. 15, 2019 and a strike price between $10.61-17.85. The sale of the warrants will enable the government to sell the remaining stake in Citi obtained through the Troubled Asset Relief Program. Deutsche Bank Securities was manager of the sale.
Click here for the story from The Wall Street Journal.
Click here for the additional coverage from Bloomberg.